Société Générale
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Searing investor demand for yield has set the stage for a widely expected second visit of the year to the bond market by Greece in the wake of a series of spread busting, oversubscribed deals and auctions for sovereigns and regions in the eurozone periphery this week.
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Galp Energia, the Portuguese oil and gas company, issued on Monday its first bond since November, and was able to tighten the pricing to a slim new issue premium despite cool markets.
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Carrefour, the French supermarket group, launched its first bond issue on Monday for over a year. Despite markets being weaker than last week, the deal attracted a much bigger book than any of last week’s issues. -
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Portugal shrugged off a domestic bank crisis this week to harness international appetite for eurozone periphery debt with its first syndication after exiting its bail-out in May. Also the sovereign’s first dollar offering since 2010, the deal was several times oversubscribed despite Banco Espirito Santo suffering volatility in equity and bond markets before the sale.
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French former mortgage lender Caisse Centrale du Crédit Immobilier and Dexia Crédit Local took to what market participants described as a wobbly market this week, offering investors government guaranteed bonds that both brought in large books.
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Garanti Bank sold a €500m five year bond on Tuesday in line with initial price thoughts — an unusual event in CEEMEA where pricing is typically tightened. But a syndicate official on the note said he was pleased with the result, and one away from the deal said Garanti’s generosity may have been necessary after a string of Turkish bank deals in the last month.
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Korea National Oil Corp (KNOC) on Thursday tapped its 2019 bonds and added a new 10 year, bringing a total of $800m of new funding. And while there had been talk of the borrower following the Republic of Korea to the euro market, the pricing opportunity was not right.
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Deutsche Annington, the German housing company, on Wednesday brought its fifth bond issue since its rebirth last summer as a listed company that issues unsecured bonds. An objective of the deal was to increase Deutsche Annington’s following with German investors, and it succeeded in this aim.
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Garanti Bank sold a €500m five year bond on Tuesday in line with initial price thoughts — an unusual event in CEEMEA where pricing is typically tightened. But a syndicate official on the note said he was pleased with the result, and one away from the deal said Garanti’s generosity may have been necessary after a string of Turkish bank deals in the last month.
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Korea National Oil Corp (KNOC) has announced guidance on a tap of its 2019 bonds as well as a new 10 year. The deal follows a roadshow that wrapped up in Europe in mid June.
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Peripheral European borrowers are set to benefit from a lack of competing supply and red hot demand this month. Conditions are strong enough this week for Portugal to launch a dollar bond in the tricky 10 year maturity, despite troubles affecting one the country’s leading banks — plus a short benchmark execution window.
